Rio Tinto Limited (ASX: RIO) shareholders: Watch out below!
Today, the ASX-listed shares of the iron ore mining heavyweight are trading down as much as 4.9%, echoing the losses posted by their London-listed counterparts overnight.
Rio Tinto's share price fall comes amid fresh concerns out of China, which released manufacturing data revealing its 14th consecutive drop in factory activity.
According to The Telegraph, analysts were expecting a reading of 49.9 on the Caixin/Markit Manufacturing Purchasing Managers' index, however, the final reading came in at 49.4, sinking investor sentiment.
Rio Tinto's share price has been on a bullish run in recent weeks, as key commodity prices showed signs of life following steep falls in 2015. However, iron ore prices in particular are expected to return to their downward trajectory throughout the remainder of 2016.
There's also a swath of negative press sweeping over the ASX's other top diversified miner, BHP Billiton Limited (ASX: BHP). At the time of writing, BHP shares are down 7.7% following news the Brazilian government launched a $58 billion lawsuit against it and fellow joint venture partner, Vale SA. The claim relates to the tragic dam wall slide at their Samarco operations during November 2015.
